Terms
Which term refers to introducing new ideas or technology that significantly will change an industry?
Disruption
Which concept involves a group of people working on a task from different locations?
Virtual Team
Who is Apple's customer segment?
Mass market
Name three (3) types of Business Models?
Retailers Model
Manufacturers model
Freemium Model
Subscription Model
Franchise Model
Razor and blades Model
Direct sales Model
What is a product?
A product is the physical product or service that a business sells to customers.
What does the term "freemium" refer to?
Offering a basic product/service for free, with premium features for a fee
What is the focus of social entrepreneurship?
Using business for social or environmental impact and revenue
What is a Value Proposition?
What value do businesses deliver to their customers. What customer problems is the business trying to solve.
Name an example of a freemium business model
Spotify
Dropbox
Canva
Zoom
What is a brand?
A brand is the identity of a business and includes attributes, logos, slogan, design, innovation, competitive advantage over other similar brands.
In which concept do individuals exchange goods or services directly without a central authority?
Peer-to-peer (P2P)
Which term refers to a secure digital ledger recording transactions across multiple computers?
Blockchain
What are Apple's value propositions?
Think different
Awesome smooth design
Usability
Brand & status
Name an example of a subscription business model
Netflix
Apple - iCloud
Amazon
What is a customer persona?
Its the personality of a business' typical customer or targeted customer.
A customer persona is essentially what a typical customer for your product or service might look like.
Which term refers to buying and selling goods or services online?
E-commerce
What does the term "platform" refer to?
Online space connecting users for transactions, communication, or collaboration
What is the definition of a fixed cost?
Expenses that remain the same no matter how much a business produces or makes?
How do you know if your business model will be successful?
A effective company strategy simply needs to bring in more revenue from sales than it costs to produce the good. This is your profit, plain and simple.
Name three (3) types of marketing channels from the customer mind map
Facebook marketing
Advertising on cereal boxes
Adshells
Newspapers
Magazines
Social media apps
Banner ads
Radio advertising
Commercials on TV
Billboards
What does the term "crowdsourcing" involve?
Obtaining ideas, services, or content from a large group of people via the internet
In which concept do customers pay a regular fee for access to a product or service?
Subscription-based
What is the definition of variable costs?
Expenses that change depending on how much a business produces or sells.
Explain what a razor and blades business model is.
The razor and blades business model is a pricing strategy used to generate revenue by selling a 2 items, one at a lower cost, the other at a higher cost which is needed for continued use.
For example the razor itself may be cheap to buy but the ongoing sales of replacement blades ensures that customers keep buying products from the same company.
What is Nike's market niche?
Primarily performance sportswear and athletic footwear.